Ethereum Price Surges 12% as Tron Founder Justin Sun Buys the Dip
The Ethereum price has jumped a significant 12% over the past 24 hours, reaching $2,505 as of 03:18 a.m. EST. This surge comes amidst a decline in trading volume of 30%, which now stands at $39 billion.
Justin Sun's Purchase Triggers Market Sentiment
The rise in Ethereum's price is attributed to the recent purchase made by Tron founder Justin Sun. According to data from blockchain analytics platform Spot On Chain, Sun bought 14,884 ETH, worth approximately $36 million, from Binance, the leading cryptocurrency exchange.
Ethereum's Technical Indicators Point to Continued Bullish Trend
Technical analysis of Ethereum's price chart indicates a potential rally. The token has recovered below the falling channel pattern after reaching a support level of $2,200.
The Relative Strength Index (RSI) is rebounding from the oversold zone, reflecting a shift in momentum towards the buyers. The Moving Average Convergence Divergence (MACD) is also showing a bullish crossover, further supporting the positive trend.
Meme Coin Hype Surges with Pepe Unchained Presale
In other news, meme coin enthusiasts are diversifying their portfolios with Pepe Unchained (PEPU), a new PEPE derivative. The presale of PEPU has already garnered over $7.4 million.
The project aims to address scalability and efficiency issues faced by many meme coins on the Ethereum Layer-1 blockchain. Token holders can earn passively through the platform's staking system, offering an annual percentage yield (APY) of 263%.
Key Points:
- Ethereum price increases by 12% after Justin Sun's dip purchase.
- Technical indicators suggest a continued bullish trend for Ethereum.
- Pepe Unchained presale attracts attention with its passive earning potential.
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